For most taxpayers, once the April 15 filing deadline has comes and goes, that is the last time they think about taxes until the following January at the earliest. For small businesses, however, taxes are an ongoing concern. Most small businesses are required to pay estimated quarterly taxes, and they are also responsible to pay […]
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Giving is a major part of life, and most of us look forward to the opportunity to share a portion of our treasure with loved ones and organizations that reflect our values. While the primary purpose of giving is to enrich the lives of others, there are certain tax advantages we can receive as well.
How To Give With Purpose Read More »
Every business regardless of size needs someone looking after their finances. Otherwise, there is no way of knowing what the organization is spending money on and more importantly, which areas of spending are providing a good return on investment. Some smaller businesses and entrepreneurs do their own bookkeeping, but this is not always recommended, unless
Questions to Ask Before Hiring Your Next Bookkeeper Read More »
Today’s business climate is more competitive than ever. And with the relatively slow economic recovery, small and medium size businesses are finding it more challenging than ever to survive. A recent poll by Gallup found that there are now more small businesses closing than opening for the first time in 35 years. In addition, the
5 Ways to Improve Business Profitability Read More »
Spring is here, and with it comes the idea of new beginnings. This is the time of year when temperatures warm up and we look forward to our summer vacations. It is also the time when we do our spring-cleaning; getting rid of some of the stuff we no longer want or need. This year
4 Ways to Clean Up Your Finances Read More »
According to the Joint Congressional Committee on Taxation, the average U.S. taxpayer pays 10.1% in income taxes. Many at the bottom pay little or no income tax at all, and some even receive more back in credits than they pay in. On the other hand, the top federal marginal rate is 39.6% with several brackets
How Much do Americans Really Pay in Taxes? Read More »
During tax season, one of the biggest worries taxpayers have is being audited. The idea of having your return singled out for extra scrutiny strikes fear into many. As an accounting firm, our job is not to help our clients avoid an audit, but rather to ensure that the return will stand up to IRS
What are your Chances of an IRS Audit? Read More »
This month, millions of Americans will be getting tax refunds back from the IRS. Some will receive a few hundred dollars while others may get several thousand. For many taxpayers, their refund is the largest lump sum they will receive all year. With a big sum of money that is outside your regular monthly income,
Don’t Be a Fool with your Tax Refund Read More »
Many taxpayers that fall into the lower income brackets are not required to file a return. For the 2014 tax year, a single person under age 65 with an income of $10,150 or less is not required to file, and a married couple (both spouses under 65) filing jointly with an income of $20,300 is
Important Tax Credits You May Qualify For Read More »
On July 1 2014, the Foreign Account Tax Compliance Act of 2010 (FATCA) was fully implemented. This act requires foreign financial institutions to report to the IRS the name, address, taxpayer identification number, account number, year-end account balance, and any dividends, interest or income paid or accredited to the account. This reporting requirement applies to
Report Foreign Bank Accounts on Your 2014 Taxes Read More »
